With the market crashes and negativity in the crypto market, users are panicking. But that's not the case for Suncrypto users anymore as Suncrypto Published POR and Liabilities.
We have continuously shared our thoughts and given the true answers to our users. For any reason, we wouldn’t compromise the trust of Suncrypto users.
Considering the current market situation, Suncrypto has thought to make our users more at peace with their investment in Suncrypto. Earlier we provided a sneak peek at our proof of reserve to liability ratio to show you people that Suncrypto holds more than a 1:1 ratio, as the reserve to liabilities we had was around 101% for almost all of the tokens. The data of that is available in a blog post on our Suncrypto Academy website and we also shared that with our users through the Twitter post.
Suncrypto’s Published Proof of Reserve (POR)
And now to take a step further, we have partnered with Coin Gabbar to display the complete data of our wallet addresses along with the partnered exchange balance on their platforms dashboard. Coin Gabbar is a well-known information & research provider which will be publishing our Proof of reserve report with pure transparency and complete data of our wallet addresses on their platform.
You can check out the detailed report of Suncrypto’s Proof of Reserve Report here
Suncrypto’s Published Proof of Liability
Our Proof of Liabilities is certified by statutory auditors Spark and Associates Chartered Accountants. This audit report clearly shows that Suncrypto has 1:1 asset backing, and there’s no fractional reserve opening. Suncrypto totally keeps your assets safe and even has crypto insurance of $150 Million from Ledger.
- Reserves represent the stored cryptocurrency in wallets, relevant blockchains, and partner exchanges (Binance, ByBit, Gate.io, KuCoin and Mexc Global).
- Based on the current exchange rate obtained from Coin Gabbar (https://www.coingabbar.com) as of December 26, 2022, at 6:50 pm, all cryptocurrencies are converted into USDT (Tether).
- User liability represents the Individual users' cryptocurrency balances.
You can see this by downloading the report Suncrypto Audit Certificate Report.
Suncrypto is financially well and our users can be free from worry with this audit report. Suncrypto team was continuously working on updating our users with Proof of Reserve and Proof of Liability data. And for that, we needed to dig deeper into our accounts.
About Spark and Associates
A reputable and forward-thinking chartered accountancy firm, SPARK & Associates is a 30-year-old chartered accountants firm that was founded in the year 1990. More details can be found on their website.
What’s Proof of Reserve and Liability?
Proof of reserve refers to a system that allows cryptocurrency exchange like SunCrypto, to demonstrate that it holds sufficient assets to meet their liabilities.
Proof of liability refers to evidence or documentation that shows the existence of a financial obligation or debt. In the case of any cryptocurrency exchange, it’s about the user's crypto liability on the exchange.